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model saying that xas governs better. matt welch also moved from california by your magazine is still based their? why is reason magazine in the horrible state? >> that is where we have spent since 1971 and it gets us outside of the beltway thinking but it is a challenge to be there. and you are right it is a new thing in california will space retract immigrants. john: but the movie industry and stuff is happening. >> california has silicon valley, hollywood, a biote but you cannot live off that narrow band of industry forever. because of high taxes, regulation, and healthy lawsuits, government spending people are leaving. john: great davis in the '90s said we have all of this cash from the.com boom. >> he spent that cash on public sector pension promises and general spending to everybody even austerity spending has gone up. john: beyond population growth. global warning -- warming measure. >> high-speed rail that nobody wants. john: even "the terminator" the republican and i thought here is a politician quoting milton friedman. what happened? >> he enacted the largest tax increase at
sure the government does not shut down. he tried to take that specter off the table. but this is a very tough fight that's getting more and more problematic, larry, because the president said he's going to break the habit of crisis-driven fiscal negotiations. if he's going to succeed in that, somebody is going to have to break and it may have to be soon because treasury secretary geithner said this afternoon we could hit the debt ceiling and exhaust all the extraordinary measures he's been taking as soon as one month from now. >> you know, john, 2010, 2011, the 2012 he negotiated. he voted against the debt ceiling i believe in 2006. why all of a sudden does he not want have to have negotiations? >> i think will's happened, larry, is that the president spent 2011 and 2012 with republicans squeezing him on his priorities, having opposed him during the first two years of his presidency. then that really had the wind at their back. the tea party election of 2010 had given republicans very big numbers on the hill. and he's decided that he backed up, and he backed up and he backed up, and he'
crisis. what are the consequences? welcome. i'm ali velshi. the government has paid its bills on time for 237 years and now congress is threatening to blow it. earlier this week, the ratings agency fitch threatened to downgrade america's sovereign credit rating if washington failed to resolve the issue in a timely manner. s&p downgraded america's perfect credit rating back in august of 2011. fitch didn't do it at the time. but the last time we had one of these debt ceiling debacles that embarrassment was the first downgrade of u.s. credit in history. if congress doesn't act and we default for the first time ever, the consequences are likely to be severe for all of us. federal interest costs would likely rise, business and personal borrowing costs would probably follow. it would also make the struggle to manage our historic debt levels tougher. the worst thing that can happen if you're beck lg under debt, is for your interest rate to go up. it could mean higher taxes and more cults to programs and services from the government. any hope for a controlled fix to our debt problem would be
at all. i think this was an exercise in showing that the government and the bank of japan, the central bank are on the same page. they certainly delivered that. i think the fact that it's an open-ended asset purchase program, it was more than what the markets had been factoring in. i think the dollar/yen moves are sort of moving independently right now. and i think a lot of that has to do with the comments that we had from government saying, oh, we're not trying to manipulate the currency, which throws into question this competitive devaluation story they were banking on. instead of being explicit about that over the last couple of weeks, now they're going to have to be a little bit more implicit about that. but the man of the hour, mr. shiraka shirakawa, the bank of japan, here is what he had to say. >> translator: japan believes growth is important. we teamed up with the dwoft to strengthen our policies and work on this goal together as one. >> let's take a look at the technicals about this 2% inflation target. because at the same time today, the bank of japan is saying the price of
money in my money? it makes economic sense. this culture of promoting these ideas with government capitol only creates government welfare or corporate welfare and creates corporate dependence. gerri: companies that fail as we talked about some many times in the show. whether you're talking about solyndra or a number of others that our government financed. you would think that maybe these are just wacked-out the trees coming of the wild ideas. and back, this green growth alliance has members like the world bank, deutsche bank, any number, ge can hsbc as members. these big companies who went to up the bus in their expensive airlines to my drinking champagne, and they're telling us what to do with our taxpayer dollars. it just makes me angry, and i think what is the fairness and that? >> there is no fairness. and it is something, the occupy wall street and the partnership agreement among corporate welfare. these huge companies are really pigs at the trough when it comes to a taxpayer money, and does not matter how big or small the company. there is money to be had these companies goi
market. this is government telling you what you can and cannot drink. completely out of control. they know literally every nook and cranny. melissa: i'm going to get false smores floppies and carry them out together. that's all the "money" we have for you today. we will see you back here tomorrow. gerri willis is up next with a giant, sugary soda. watch. ♪ gerri: hello. i'm gerry willis. in less than a week president obama will be sworn in for his second term, but it is the last days of is first stern that are raising alarms from demanding republicans immediately raise the debt ceiling and lori about that pesky out of control spending later to considering as many 19 different gun-control measures that he could in force as he gears up for his comprehensive plan tomorrow. our president seems to think of himself like a king and said that our elected officials. joining me now, former adviser to president george w. bush. senior fellow at the cato institute. i will start with you. here is the president back in 2006 on the idea of raising the debt limit. he said, the fact that we are
of u.s.- made products in the next 10 years. the government of japan joins the u.s. government in investigating boeing's 787 dreamliner. the probe is to uncover what caused two fuel leaks on two different dreamliners operated by japan airlines. japan's transport ministry said they opened the investigation because the two fuel leaks "occurred in succession." the faa says 787s are safe, but is conducting a comprehensive review to ensure no flaws are present. an end-of-the-year surge of consumer buying gave a lift to retail sales in december. retail sales rose .5%, which was higher than economists predicted and slightly better than the .4% rise in november. much of consumer spending came from people buying cars and trucks. overall last year, car companies had the best year since 2007. nissan's leaf will soon go for less. the automaker said this week that the new model of its battery-powered leaf will cost $6 thousand less than previous models. that cuts the price to around $28,800. nissan hopes the cost cutting will increase sales by around 20%. cadillac is giving drivers a chance
of this sovereign state and refuse to submit to illegal use of power by the central government and hereby denounce and forbid this illegal and unwarranted action by the central government. >> that was alabama governor george wallace 50 years ago. here's mississippi governor phil brian yesterday. >> we will not enforce any unconstitutional measure, edict, that's being issued by the president of the united states. we need to send a clear message to the federal government that we're not going to continue what we enforce what we believe to be unconstitutional laws. >> different issue, same words. states' rights. back in the 1950s and '60s, local police often stood by and refused to enforce new civil rights laws. now, some conservative sheriffs say they'll refuse to enforce new gun control laws from washington because they may consider them unconstitutional. today's conservatives aren't opposing the right of our children to go to school. but they are standing in the way of our children going to school safely. that's why president obama is proposing these strong, common sense solutions to gun violence.
the u.s. should be governed and should govern itself. i would almost characterize it as something along the lines of a response to what we heard from president reagan in 1981 when he said government is not the solution to our problems, it is the problem. president obama making the case that the government is not necessarily our problem. together we could do great things. together we could take care of the elderly. together we can create a health care system for those who may not be able to afford it. very much discussing ways about how there should be some in society you don't have all or should not be some in society you have all at the expense of all others. he made and not to climate change, something that he had not necessarily highlighted or focused on in his first demonstration. moving forward in tackling debt and deficits, he did talk about tax reform. talk about slowing the growth of these expenses, but still no change in his governing philosophy, if not impassioned defense of his governing philosophy. we have heard from democrats and republicans not throughout the day calling f
changing the laws left and right. >> they want the government to take care of people. >> we use to get rabbit and some other things. stuart: your honor, my child excluded from the cafeteria. poisoned and school. give me a million dollars. >> all i grew up with was peanut butter and jelly sandwiches and school. >> peanut butter and jelly is the best sand -- sandwich. stuart: i was surprised. >> they owe you money. sue them. stuart: dagen and, oh, it is yours. dagen: on american. connell: i love peanut butter, myself. good morning, everybody. dagen: what will the president do to get america back to work. connell: president obama was unable to talk these guys. more importantly, can we keep this up? dagen: a key to a better economy. keys to your house, a new house hopefully. connell: let's talk about the markets. nicole petallides starts us off as she does each day with stocks now. nicole: taking a look at a market that really has shown strength over the last seven of the past nine weeks. the dow trading as high as 13,682 prior to pulling back here into negative territory. we are seeing mu
: irresponsible thing to do . brad, to you. i am -- i went back and looked at the last time the government was not paying its bills. twenty-six days back in fiscal year 1996. clinton was president, and the only really bad thing that happened is that we furloughed a lot of what is called nonessential workers from washington. what is the ultimate impact if republicans don't agree to go along with the president and raise the debt ceiling? >> the ultimate impact is the president will have to make some tough choices, but this is a guy who says, do as i say, not as i have done and you correctly point out he voted against raising the debt ceiling. suddenly the table has turned. if he was smart he would be more conciliatory to republicans instead of on-duty challenging them. gerri: far from it. the president says the responsible thing to do. making a like the republicans still want to do anything responsible for are not concerned about the nation's debt. what would be the consequences of letting the debt ceiling just -- not paying any attention to it? would it be hazardous? is this going to be som
in government today. marcia mcnutt has worked with me for many, many occasions, most notably during the oil spill. you're looking at one of the fine leaders that worked with the government to make decisions matter and make the difficult decisions. i'm proud to work with her during the oil spill and i'm proud to introduce her now. marcia? >> thank you. the gulf coast is under threats and in particular, i want to speak of those that impact life and property. it is a deadly combination of loss of natural protection, rising seas from global warming, increasing intensity and number of storms, and more people and critical infrastructure that lies in the coastal zone in the path of those storms. there's no doubt but the coastal zone is a desirable but it is a dangerous place to live and it is getting more dangerous all the time. so what is the solution? well, the good news is that research can help. let me provide you with an analogy. we know that fault zones are dangerous places to live but thanks to science we have increased more than two orders of nag any attitude the safety of living in earthq
straight quarters of slow growth. >>> the british government says there's no indication that the hostage crisis is over in algeria as the reports emerge that doesz may have been killed in a rescue operation. >>> investors are unnerved by big spending plans in 2013. plus, glencore pushes back its mega merger by weeks as the regulatory commission begin necessary south africa. >>> welcome to the program. i want to bring you some breaking news in terms of energy prices. the iea is out with its latest 2013 oil report. it expects u.s. oil demand to remain flat on the year. but the headline here does appear that the market, according to the iea language here, is tighter than we thought. all of a sudden, the market looks tighter than we thought. that's the main message we're getting from the organization. it says the world forecast to consume about 90.8 million barrels per day in 2013, up by about a quarter of a million since december. despite seeing the u.s. slight to even negative, seen as driving increase in demand and global supplies felly 170,000 barrels per day in december to 192 million.
, the fourth-largest investment bank in the world. >> isn't the government supposed to protect the investors? >> yes. >> aren't they charged with informing investors? >> yes. >> why didn't they do it? >> welcome to 60 minutes on cnbc. i'm bob simon. even though fraud played a significant role in the 2008 meltdown of the american economy, as of late 2012, there have been several civil suits filed against major wall street financial firms, but not a single criminal prosecution. in this edition, we look back at the 2008 financial crisis and the failure of government regulators to prosecute those who might be criminally responsible. later, lehman brothers bankruptcy investigator anton valukas shares his findings on the collapse of the giant investment bank where no senior official has ever faced charges in the biggest bankruptcy in u.s. history. but first we begin with a nine-month 60 minutes investigation looking for wall street cases that might have prosecutorial merit. in december 2011, steve kroft reported on two such cases. we begin with a woman named eileen foster, a former senior executiv
are obviously in consultations. lou: the problem with that statement is that this government has negotiated with terrorists. our government has been engaged in talks with the taliban and afghanistan since early 2009. the same group that has been a safe haven in the immediate aftermath of september 11th. documents found in the abbottabad compound the lion was killed proving a close working relationship between the two. the same group that is also responsible for a large portion of the 2200 american soldiers killed in afghanistan since 2001. not to mention the palestinian liberation organization the designation changed after we helped negotiate the deal. meanwhile, secretary of state hillary clinton chose her words carefully, while suggesting that the algerian government could use a hand in the battle in that region. >> it is absolutely essential that we broaden and deepen our counter-terrorism cooperation going forward with algeria and all countries of the region. i make clear to the prime minister that we stand ready to further enhance the counter-terrorism support that we already provide.
are moving forward. they're diversified. it would be nice to see stated and local governments address the pension plans the way they did. >> absolutely. we'll check in with you later. >>> it's a big week for the defense industry as well, lockheed martin and northrup grumman report this week. jane is here for a preview. >> reporter: across the board for pretty much defense company, analysts are expecting a drop in earnings year over year, but jason gersky says don't expected to see a fiscal cliff impact. >> on the contrary, there's an opportunity for rates to out-perform expectations. that's because the d.o.d. was trying to get as many contracts done in the fourth quarter in anticipation of sequester potentially being implemented in early january. >> he and others expect flat demand from the defense department, but international growth looks good, international sales have higher margins. gursky likes lockheed martin and ratheon for their patriot systems which could be big in any iran/israel conflict. and he expects these companies to have 8% to 12% returns. will that continue? one othe
not need government to tell them that they did it. why do they think need -- they need washington? gerri: est. double standard some of those work in india to say we get rid of the guns and bob schieffer actually comparing dealing with the nra to dealing with synopses. >> surely defeating the nazis was a much more formidable task than taking on the gun lobby. this is a turning point* in this country. %-more than make a speech this is one of the best speeches i heard him deliver. >> he went after countries that did not have weapons. we went after countries that did not. it is so enrages to do that and say those things and hollywood stars getting on board with the president. they have armed bodyguards. do you think you could walk into the golden globes without a metal detector? gerri: double standard. the entertainment industry said we support the goals of reduced gun violence but they are protected by armed guards and the material they put out is full of people shooting each other with a top movies. >> last night gangster's god. there is no shooting in that show. gerri: 65 characters die.
of the european ones are under pressure by the government. but the problem is, if you look at issues in the u.s., they're just so low. there's no ability to cut in the long-term. how do you push through entitlement reform and address those issues, especially if there's no market pressure right now? >> my sense is that you don't. i don't understand how that can be achieved and, therefore, i suppose what i struggle with is what solution can the government find? the bank of japan, if you monetize the debt in a low inflationary environment, is this a free lunch? >> right. >> in the uk, it has turned out to be a free lunch. would it in japan? possibly, yes, and, therefore, i wonder if these issues ever will be addressed. >> and what's so interesting, you're seeing these bizarre rates happening in a monetary policy. we feel like we're in a whole new regime where people feel like it doesn't matter at all. wondering if it matters at all how much you spend and borrow in these situations. how does it change, if at all your strategy from here? >> it makes having a long-term strategy really, really tough
spiking to buy government bonds. what this could mean for your fixed income investing and where to turn for profits. ♪ at a dry cleaner, we replaced people with a machine. what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally. hello? ally bank. your money needs an ally. nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. >> reporter: and we've got amd numbers to report for you. it looks as if it's a beat, reporting a loss of 14 cents per share as opposed to the street was expecting 20 cents a share on revenue of 1.16 billion, the street was expecting revenue of 1.15 billion. their quarterly gross margin is now 16%, and, of course, they have been struggling with the slowdown in pc sales worldwide. back to you guys. david: meanw
hurdles, the government probably wouldn't allow a tie-up between two of the biggest miners in the country. it's looking not too bad right now. we've had the iron ore price jump up to levels that we haven't seen in more than 12 months. but rio is out with production numbers earlier on this week revealing that it's sought strong demand for iron ore innous trail ya over the 2012 calendar year and it is, of course, pressing ahead with massive expansion plans in northwestern australia. just how successful those are, of course, time will only tell. >> great. matt, thank you very much for joining us this morning. fascinating story. >> what's interesting, sam walsh, who is going to replace him on the scene as an operations guy, and it probably looks back at the reason he's going is because they misunderstood the operation or requirements in mozambique. >> they may have overpaid for the assets, but they also underplayed how difficult it was going to be, the infrastructure requirement, right? because they were going to load this stuff on to a barge, take it down the river. the amount of infrastruct
been the government. lori: the bitter cold gripping the northwest. we will show you the metals. as we head to break. back after this. ♪ [ woman ] if you have the audacity to believe your financial advisor should focus on your long-term goals, not their short-term agenda. [ male announcer ] join the nearly 7 million investors who think like you do. face time and think time make a difference. at edward jones, it's how we make sense of investing. i had[ designer ]eeling enough of just covering up face time and think time make a difference. my moderate to severe plaque psoriasis. i decided enough is enough. ♪ [ spa lady ] i started enbrel. it's clinically proven to provide clearer skin. [ rv guy ] enbrel may not work for everyone -- and may not clear you completely, but for many, it gets skin clearer fast, within 2 months, and keeps it clearer through 6 months. [ male announcer ] enbrel may lower your ability to fight infections. serious, sometimes fatal events, including infections, tuberculosis, lymphoma, other cancers, nervous system and blood disorders, and allergic reactions have
to foreign companies. does that make any sense you? >> this is what happens when the government tries to get in a situation of picking winners and losers. it doesn't even do that very well. they're trying to reward the american companies. oh, here is a subsidy for installing windmills or installing solar panels. guess what, a good chance they are going to be made overseas. a good chance that a lot of these subsidies are going to go before companies. and this is been true in many government programs, not just obama's stimulus, but obama through the stimulus really ramped up the degree of the government handing out money to green energy. gerri: france, spain, japan, italy, you name it, are cut money when all over the planet. here's the thing that is really frustrating. permanent and temporary jobs created, just a thousand. the average cost, $1 million if you do the math. none of this makes sense. our taxpayer dollars are being wasted yet again. gerri: and the fact is that the people making money off of this often are the people, the lobbyists to live -- line up the subsidies and make sure that
the government's bills. >> please have a seat. >> reporter: president obama spoke from the white house to stake out a position on the debt limit. if congress doesn't improve an increase the government will run out of money to pay bills. president obama blasted republicans who said they won't raise it without dollar for dollar cuts to the budget. >> the issue here is whether or not america pays its bills. we are not a deadbeat nation. >> the problem is congress has already spent the money. what it would mean for the nation to not make payments. >> social security checks and veteran's benefits will be delayed. we might not be able to pay our troops. >> reporter: in response republicans pointed out president obama voted against increasing the debt limit as a senator. speaker of the house john boehner's office said debt is endangering's children future. theconsequences are real he said. >> the debate had a numbing effect on wall street today. the dow is up 18 to 13,507. the nasdaq is down 8 at 3,117. the s&p is down 1 at 1,470. >>> all of that in washington is being watched closely in sacramento b
and that would cost the go government more. >> that's not what i'm asking. low interest rates enabled the debt to accrue to the level it has. doesn't he have a moral responsibility to tell them ways to address it? >> absolutely. >> i mean, i don't think there's any question about that, exactly what you're saying. every time he talks, you almost feel as though what he's saying he wants to say more than what he is saying. what he needs to say is everything is in terrible shape. everything looks horrible and you better get your act straight because this country is going down the tube. >> he has said repeatedly when we go over the fiscal cliff, if we go over the fiscal cliff, we don't have any more tools. he says it a lot. >> it's even been stronger than that, maria. he has very much said what the beige book is saying right now which is that it's having a current effect. it's not in the future. >> agreed. >> i've got to say this. when we talk about interest rates, you know, staying low, objection remember, the government only can effectuate or affect the discount rate and the fed funds rate. most
, in march, government spending does run out. they would focus on a longer-term debt ceiling increase sometime in april or may. that is the strategy from house republicans. president obama says he has not even entertained any type of negotiations. republicans should agree to raise the debt ceiling because having to raise it is the result of appropriations already passed and signed into law. back to you. melissa: thanks so much. ashley: here with reaction to the gop when it peter welch. thank you for joining us. you say, look, republicans are making it an "economic weapon of mass distraction." do they get is a continuation of that? >> it is actually progress for the republican confidence, but it is not progress for the country. that tack tick is not one that they can hold onto because they know it will plunge this country into a deeper recession. they have been -- it is a way to say they are avoiding. ashley: it really is not addressing the issue, though, what will it take to get that in place. i know that you, of course, have been leading the charge to have the president to prevent th
that we do what we can as a federal and as state governments to protect our citizens is primary. >> schieffer: you're going to have a pretty important job coming up here shortly once john kerry is confirmed as secretary of state. every indication is that he will be. you're going to have to appoint somebody to replace him. >> i've heard that, (laughs) >> pelley: give us a clue. >> no clues today other than it will be somebody who is aligned with the president's ageneral the, will be a good partner to the president and the majority leader, which is important. i always remind our citizens back theme the main event is not the interim appointee, it's the election of a new senator in the special election. that's what we need to focus on. >> schieffer: i take it will be a democrat? >> it will be a democrat. the. >> pelley: governor patrick, thank you for joining us. we have in the capitol rotunda a very special guest today, valerie jarrett, senior advisor to the president and i day air is the person in washington who has known the president and first lady longest, being a long-time fri
. now some question why the algerian government acted the way it did. we have details on the latest developments. more "money" coming up. don't go away. ♪ [ male announcer ] how do you make 70,000 trades a second... ♪ reach one customer at a time? ♪ or help doctors turn billions of bytes of shared information... ♪ into a fifth anniversary of remission? ♪ whatever your business challenge, dell has the technology and services to help you solve it. mortgage. married. two great kids. he wants to protect his family with a $500,000 term life insurance policy. what do you think it'll cost him? a hundred dollars a month? sixty? forty? actually none of the above. john can get a $500,000 policy -from a highly rated insurer - for under $25 a month. his secret? selectquote. selectquote is impartial. they'll search the pick of insurers like these to give you a choice of your best prices. selectquote has great savings on term life for women, too. john's wife carrie, can get a $500,000 policy for under $16 a month. selectquote has helped make term life insurance affordable for hundreds o
.s. debt ceiling or risk causing irreparable harm to the economy. he says the government will run out of tools to avoid a default by late february, early march. the u.s. credit rating is not a bargaining chip or hostage that can be taken to avoid any political agenda. president obama again rejected any negotiation with republicans over the debt ceiling. i love the debt clock. it's almost as fast as the amount of money they're going to earn tr nike. >> and is we'll talk about that. >> meanwhile, fed chairman ben bernanke speaking monday warned the u.s. economy isn't out of the woods yet and is still at risk from political gridlock. >> raising the debt ceiling, which congress has to do periodically, gives the government the ability to pay its existing bills. it doesn't create new deficits, it doesn't create new spending. so not raising the debt ceiling is sort of like a family trying to improve its credit rating saying, i know how we can save money, we won't pay our credit card bills. not the most effect of way to improve your credit rating. >> ben bernanke says the u.s. economy appears
. this is not something happening on the federal level, state and local governments are trying to come up with ways to tackle gun violence. there is a summit in the second day in the baltimore, maryland area where mayors and governors and other officials come across in needing to come up with solutions and you see states like maryland and new york taking some of these steps or considering taking the steps as well. strong push back from the nra saying they will fight any attempt to restrict their second amendment rights and raising doubts as to whether they can make their way through congress. >> thank you, dan. john berman has the other stories. >> you heard dan talking and in a few hours, new york may be one of the first state to enact tougher gun laws. the changes proposed by andrew cuomo puts new measures to place to keep guns away from the mentally ill. >> this is a surge on society. people had to live through these tragedies. tragedy after tragedy after tragedy and people are saying at what point do we get it? at what point do you say enough, we understand? no one else has to die. no more inno
now. call the number on your screen now! >> a couple of numbers from the government in the news background today, but they probably will not affect trading one way or the other. point number one, the pro he dueser price index was down .2% in the latest month. year over year, up 1.3%, in other words, no inflation at the producer level. retail sales for december, not bad, not great. up .5. strip out car sales, and you've got a gain of .3%. that's not exactly a gang buster christmas now, is it? nonetheless, those are the numbers and that's what we've got. in my opinion, the next big number that will truly affect trading will be the gdp numbers. and that's when we find out what kind of economy we've got in the fourth quarter of last year. that will point towards how we're going to do in 2013. i suspect that that could move the market. all right. the bell is ringing, and as you know by now, if you're a regular "varney & company" viewer when the bell stops ringing, they start trading and we're expecting, what are we expecting? we're looking for a pretty flat market and i hate to keep
a decision because he is told that government will take over 60% of its income. is that fair for any californian to be faced with a decision like that? melissa: he also flirted with the idea of being part of a group that would bite into the padres. he is a hometown hero. somebody who means a lot to southern california. are you worried about your state in light of things like prosperity? >> we continue to see people leaving the state of california and there are better ways to raise revenue. one is by broadening our tax base by encouraging businesses to come to the state of california and expand here. that will solve our problems of increasing revenue. melissa: you talk about that the way you would encourage businesses to come would be to lower their tax rate. so, you know, it is quite the opposite of raising it. do you think you could ever get that done in california's current climate? >> not in our current climate we are not going to get it done. we need to cut government regulations. we need to give businesses incentives to be here. that in turn would bring revenue. melissa: you kno
a handgun in your house. the other things, that's subject to government regulation. they overreached. the mothre they overreached, i warned them, i have been a member all my life -- >> that's nice. >> i will do it again. >> willie, what's my biggest fault. >> you love a little too much. >> that is it. >> i love a little too much. i shared some of that love last week. anyw anyway, it is a still not too late. they can come to the table and be part of a comprehensive package. i'm sure joe biden will accept them and joe manchin will accept them and conservatives will accept them to come to the table. i'm sure their membership wants them to do it, not the survivalists or gun manufacturers who have made millions of dollars off the death of 6 and 7 year-olds, the truth. it's not too late. if they keep their feet in cement, they're going to be run over, not by joe biden, but these polls show, by middle america, by gun owners, by people that want to protect their children when they're at school, they want to protect their children at shopping malls, want to protect their children when they're
enough for their retirement. they are increasingly reliability on government funding so that is a long-term problem. in fact, that's one of the reasons that we haven't been able to see a robust recovery is we don't have that catalyst for growth, ie the consumer taking on new amounts of debt and spurring new consumption because we're still de-leveraging from the decades of debt accumulation we've gone through. clearly this is a long-term probable. if we're focusing on just 401(k)s i don't see this as a net negative, people being able to access their own funds and use them as they see appropriate. >> i definitely don't recommend it. >> steve, while i have you here, i understand you have more detail on secretary geithner's letter to speaker boehner. >> right. >> what can you tell us. >> on the one hand it's completely expected. there are four extraordinary measures that the treasury secretary is allowed to invoke as we near the debt ceiling. what he did in this letter that just came out is he invoked the third one. i believe all four of these measures are built into the existing timetable
they have to wait while the government checks out who they are, whether there's a court-ordered mental situation or emotional problem or a criminal record or whatever. what stops them from getting that gun mailed to them ten days or whatever later? >> well, right now they get turned away at the point of sale and are not prosecuted. that's a problem the president ought to deal with. that's the problem the president and we have been talking about for a long time. nothing stops that person from going online, pressing a mouse three times and getting a gun from an unlicensed private seller. >> you can go on ebay and get a gun. >> not on ebay. they do a good job not selling guns. arms jb list and craigslist. >> if somebody says bushmaster 100 bucks used. >> or best offer. here's my phone number and e-mail address. throw me your best offer and let's move somewhere. guns, cash, that's it. >> are either of you educated on what the assault rifle is? >> the president is going to follow the lead of people on the hill. diane feinstein. >> didn't the bushmaster not get defined last time? >> the law
government budget balancing is hurting employment and will probably lead to more job losses in the near future. >> all right. let's take a look at the markets this morning. markets have been sitting at these record levels. you can see right now those dow futures pulling down by about 12 points. s&p futures are indicated slightly lower, as well. but the nasdaq is indicated higher. the dow jones transport sitting at an all-time high. other markets sitting at five-year highs. the big question is whether the dow jones industrial average follows suit. you're a huge transport. >> yeah, i am. that's all all-time highs. >> all-time high. oil prices, you can take a look. you'll see right now is down by about 2 cents to 95.54. the ten-year note that had been coming down the yields last week a little bit, you can see the yield right now is at 1.877%. the dollar this morning after the euro picked up strength last week, the dollar is stronger against the euro and the yen and the pound. right now, dollar/yen is at 88.79. gold prices this morning up about $5.80. $1,6933. >>> german chancellor angela m
debate to reform government spending. the president may not want to cut spending as part of the upcoming debt limit debate but it shows deficit reduction measures have increased and are about as standard in washington as a cherry blossom festival. i'm sure that you agree that? >> absolutely. i agree wholeheartedly with that assessment. that is why we need to have this discussion now. it is all the more appropriate for the president to be telling us we can't make any demands accompanying his request for yet another debt ceiling height. gerri: how did you react to the presence tone in that last press conference when he talked about his upcoming debt ceiling despite? he seemed a little angrier you guys. >> yes, he did. he seemed annoyed at the fact that he had to deal with a coequal branch of government. a group of pesky individuals elected by the people. >> yes, that's right. we have the audacity to insist that we follow the law and that we continue to make the law and yes, we have our work cut out for us. >> i was noticing that since 1990, we have raised the debt ceiling 18 times. back in
says the government has begun borrowing from the federal employee pension fund now to keep operating without surpassing its debt limit. these are some of the steps they can take. in a letter to congressional leaders, geithner says the move will free up $156 billion in borrowing authority. we've gone through that this morning. the action has been taken by other treasury secretaries and will not put in jeopardy any monthly pension payments. that's not a lot sounds like a lot. >> not a lot at all. >> fay back later. >>> the house approved $50.5 billion in long-delayed federal disaster aid to the victims of superstorm sandy yesterday by a vote of 241-180. the senate is expected to pass it. the house approved the aid in two parts. $17 billion in funds to cover immediate disaster relief. $33.5 billion in longer term reconstruction funds. >>> big day today as far as birthdays. maybe you're not aware of this -- especially it's appropriate today that it's this gentleman's birthday. >> who? >> whose birthday? >> his 112th birthday. >> google like some -- >> who's that? >> oh, we're going to ha
to strategize on how to rein in government spending. connell: rich edson with all the details. rich: a very busy legislative day. they are dealing with this handy appropriation bill. republicans are discussing a number of different options. there is a major house republicans of that. their annual retreat takes place on wednesday. >> when does this budget balance? here is when the budget gets to balance if we adhere to these cuts. rich: republicans trying to figure out their opening position on the debt ceiling. democrats and the white house have already come out with theirs. president obama saying that he is not negotiating it. he says he is willing to talk about deficit reduction, perhaps modest reduction to healthcare spending. as long as it comes with curbing loopholes and tax reductions for wealthier individuals. congress should just do it. back to you. connell: let's bring in dylan glenn. former advisor to george w bush. rich said that republicans have reasons for not having this meeting today. the president is standing back and think i am not negotiating on this and the republicans are all
. >> and the legislature do this? >> we do not get turned into people that are absolutely afraid of what the government can do to us. >> we are going down a slippery slope that can be very dangerous. >> we are going to miss an opportunity of the source of this anger and violence. stuart: baby i went overboard. i have been saying all morning i think that is the most important shift. what do you think? >> i think that is true. >> even when the police chief was colin ferguson, i have to be honest, a guy like that, they taken off the street and then they put him right back out. stuart: he would not be allowed to buy a gun. >> most of these guys are not allowed to buy a gun anyway. thank you very much. stuart: dagen and final, it is yours. connell: the new plan for gun control. we will take you there live. dagen: jamie dimon, his take is cut in half. the man still made millions last year. connell: japan's two largest airlines ground the dream liner after yet another incident. dagen: stocks now and every 15 minutes. nicole petallides on the floor of the new york stock exchange. nicole: let's take a look at jpmor
more likely to get the most positive outcome. call this free government program for the option that's right for you. melissa: may not have heard of molly before there week but want to hear some of this. some of your tax dollars could be sent to the african nation soon. forces with connection to al qaeda control more than half of the war-torn country. an estimated 30,000 civilians have fled since the fighting began last week. the french military is deploying 750 troops and engaging in airstrikes. u.s. is providing logistical support. could be a matter of time before we take a bigger role. let's talk to a kick can i global support and fox news contributor. to a lot of people this conflict is a surprise. they don't know necessarily where this is. they're surprised france is getting involved. this is a nation with a lot of ties to france. >> absolutely. so a lot of people are seeing french involvement as neo colonialism. france is extending its hand and getting involved in mali. melissa: used to be a french territory but now it is not. >> french territory. mali has natural resources. a
by the dawn's early light ♪ country can do for you. >> the government is not the solution to our problem. government is the problem. >> a new breeze is blowing. and the nation refreshed by freedom, stands ready to push on. >> there is nothing wrong with america that cannot be cured by what is right with america. >> the best hope for peace in our world is the expansion of freedom in all the world. >> and we are ready to lead once more. >>> cbs news coverage of the second inauguration of barack obama. from capitol hill, here is scott pelley. >> good morning. the nation's capital is beginning a day-long celebration of american freedom and democracy. for the 57th time in our history, a president freely elected by the people is being sworn in to office. just before noon at the capitol, barack obama will take the oath for his second term as president. this is a ceremonial swearing-in because the constitution requires the president to be sworn in on january 20th, and this year the 20th fell on sunday. so the president took the official oath in private yesterday in the blue room at the white hou
to avoid a situation where our government doesn't pay its bills. ahead of that, stocks were mixed, the blue chip dow rose almost 19 points, while the nasdaq dropped eight, and the s&p 500 down a point. >> susie: weighing on the nasdaq today: apple. the stock got crushed, on word demand for the iphone 5 is slipping. the stock closed just shy of $502, losing almost 4%. in pre-market trading the shares briefly fell below $500, the first time in nearly a year. suzanne pratt reports. >> reporter: apple has been taking a big bruising. first, it was the earnings miss for the september quarter, the second straight. then, there's been growing speculation the tech innovator is losing its edge to competitors, particularly samsung with its popular galaxy smartphone. finally, today there were reports apple dramatically cut orders for iphone 5 components, due to weak demand. to be sure, apple has not confirmed soft sales with hard numbers. but, experts it would not surprise them if consumers were sour on iphone 5. >> it may be significant, we just came through the consumer electronics show and virtually
they do that? are there checks and balances? >> the government and the private companies are blaming each other. venezuela is pointing fingers everywhere. we have the government that is blaming the private companies of hoarding the products to destabilize the country and possibly provoke a coup because of what is happening. >> a coup? >> yes. but then we have the private companies in the position that are blaming the government for not providing a stable capital control and limiting the dollars to venezuelans and other companies so they could purchase out of venezuela. >> is this nationwide? is this just caracas? >> it is mostly happening in caracas, but it is also throughout the whole country. it has a lot to do with inflation. but also there is something we have to talk about which is the price regulation that the government created last year. let me show you an example. talk about milk production. milk producers, they can only receive 3.6, equal to 84 cents, where leader once selling their milk. however, the cost of production, it is 4.13. which is 96 cents. so on average milk producer
company, not just the united states. you need a government investigation and injugs to stop him if he wants to go higher. >> that seems to be the crux of mr. acman's argument. that eventually it will shut them down. >> obviously they can take profits heave, right? but this isn't -- i have 6:00 that if lobe and icahn want to come in at the same time that the company comes in with a buyback underneath action then this is a better long than a short. >> it's interesting in the conversations we've been having with lawyers, acman has boasted in the past he -- has more -- >> what's the price per lawyer, like a p.e. kind of thing? i think herbalife, this is a battleground like you wouldn't believe. will be back to where -- >> it's higher. >> right. i just think that you're misjudging michael johnson, if you think he's not going to be there buying back stock. he's a passionate man. i don't want to misjudge michael johns un. >>> coming up next, the need for speed, ducati and how they plan to rev up performance this year. [ male announcer ] you are a business pro. executor of efficiency. you can
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